Net Asset Value(s)

MONTANARO UK SMALLER COMPANIES INVESTMENT TRUST PLC ('the Company')                                                                     
                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 19 February 2014
was 591.65 pence including current period revenue.                                                                      
                                                                        
                                                                        
The fair value net asset value per Ordinary 10p Share of the Company as at 19 February 2014
was 584.67 pence excluding current period revenue.                                                                      
                                                                        
                                                                        
20 February 2014